Current AffairsEconomics

Government e-Marketplace (GeM)

The fourth version of the Government e-Marketplace, known as GeM 4.0, was launched by the Ministry of Commerce & Industry.

What is Government e-Marketplace?

The Government e-Marketplace (GeM) is a dedicated online platform where goods and services can be procured by various organizations and departments under the Government of India, and by the PSUs also.

  • GeM is aimed at enhancing the efficiency, speed and transparency in public procurement of goods and services. It also serves the objective of eliminating corruption.
  • It is administered by the Ministry of Commerce and Industries under the Directorate General of Supplies and Disposals (DGS&D).
  • It is a completely paperless, cashless and system-driven e-marketplace that enables the procurement of common use goods and services with a minimal human interface.
  • It is an online marketplace for government officers and others for procurement.
GeM 4.0

GeM 4.0 is the latest version of the e-marketplace. It adds on to the features that were already in place in the third edition of GeM. Some of the new features include the following:

  1. Sellers will get timely payment.
  2. Natural Language Processing (NLP) based advanced search engine.
  3. Demand aggregation wherein buyers can collate several orders of the same product for different consignees across many organisations within one ministry.
  4. The user interface has been revamped and made more user-friendly.
  5. Staggered or flexible delivery is allowed.
  6. The bidding module has been redesigned and now consignee-wise and item-wise bidding is permitted.
  7. Advanced analytics, machine learning, deep learning and AI are integrated into the portal.
  8. The grievance redressal mechanism has been improved.
  9. Cataloguing has been made simpler for sellers by introducing price variance.
  10. Ease of Payment options with integration with many banks and ERPs.
  11. Seller rating is now introduced making it easier for buyers to make their decisions, and also incentivising sellers to upgrade.
  12. Many new services and categories have been included.
  13. Now, sellers and buyers can interact with each other thus offering scope for improvement and a better understanding of the market.
  14. This version has dedicated pages for CPSUs (central PSUs).
Tags: Current Affairs, Economics

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November 2021
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